Unformatted text preview: uments for adopting IFRS ar e weak, ar g uments ag ainst have validity. Ther efor e we obviously should adopt IFRS. | Attestation Update - A&A for CPAs If there should be something arise that would be a deterioration in the accounting methodology from
the American perspective there is a simple option according to the professor:
the frequently voiced concern that the IAS B could set new IFRS that may not suit U .S . firms or
investors could be addressed by having a national endorsement protocol for new and amended
IFRS , which is what most countries that already follow international standards have in place as well
Thus, if the U S does not like a particular rule, we can opt out. This is what other countries are already
doing. S ay goodbye to that concept of a unified, global, consistent set of accounting. It will not ever
I have many concerns about adopting IFRS . One of the biggest is the intellectual dishonesty of saying
that the goal is unified and consistent worldwide accounting standards. Yet what we will have is each
country deciding for itself what rules it does not want to adopt. Therefore we will have different
reporting, different accounting, and different disclosures in each country. That severely undercuts the
very core of the argument to adopt IFRS .
Written by Jim U lvog
June 28, 2011, 10:38 am at 10:38 am
Posted in Accounting
Tagged with argu...
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This document was uploaded on 03/06/2014.
- Spring '14